Finance

New York Recovers $50M for Gemini Earn Crypto Investors

Jun 14, 2024 1 min read

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New York Attorney General Letitia James announced a $50 million settlement with cryptocurrency platform Gemini Trust to repay investors defrauded in its Gemini Earn program. The settlement, which involves over 230,000 Earn investors, including 29,000 in New York, aims to provide full recoveries to those affected. The agreement includes a ban on Gemini operating any crypto lending programs in the state.

The funds were recovered as part of ongoing efforts following the halting of redemptions by Genesis, a former partner of Gemini, in 2022. This freeze occurred shortly after the collapse of the FTX cryptocurrency exchange. Additionally, Gemini has agreed to cooperate in a $3 billion fraud case against its former partners, including Digital Currency Group and its founder Barry Silbert, as well as former Genesis chief Soichiro "Michael" Moro. This settlement is in addition to a $2 billion settlement with Genesis.

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